The CEO of Independent Reserves Australia is showing their growing interest in a Hong Kong base as it considers Hong Kong’s license regime to be friendly. This Australia-based firm is trying to find out new opportunities to set a new shop and they really like Hong Kong. This might effect in June, the securities and futures commission of Hong Kong or SFC has released a new licensing regime for crypto exchange on 20th February.
Independent Reserves co-founder and CEO has talked with Cointelegraph where he said that the friendly licensing routine in Hong Kong is making the city a more feasible option for them to open a new shop there. He added that they are seeing the city as a great place for their firm as they want to expand their business in Asia.
The crypto companies in Hong Kong-based crypto companies will have to comply different measures that relates to the safe custody of assets, like KYC, anti-money laundering, counter-finance and more.
Independent Reserves Looking To Expand Business In Asia
Przelozny said that his team will be at Hong Kong next week. If they can determine a perfect location for their store that will suit the interests of the company, they might move their shop there. This team will be meeting with regulators, banks and lawyers and compliance experts to select the location for the store.
Przelozny also believes that China is trying to test how a relaxed crypto regime will look like in Hong Kong. He said that the government of China is using Hong Kong as a test with a relaxed regime for crypto market to see the impacts that might bring in the economic landscape in the city. If they see positive results, they might roll this guidelines throughout the country and make it a more relaxed crypto environment.